--- title: "Building Relationships: The Role of COI Networks in…" description: "In this episode, Kyle Van Pelt talks with Seth Merrill, Partner at The Norden Group. They discuss the challenges and strategies involved in scaling a financial…" url: https://www.milemarker.co/podcast/building-relationships-the-role-of-coi-networks-in-organic-growth-with-seth-merrill updated: 2024-10-22 --- [Now playing](https://www.milemarker.co/podcast) [Podcast**Next Mile**](https://www.milemarker.co/podcast) [Episodes](https://www.milemarker.co/podcast)[Guests](https://www.milemarker.co/podcast/guests) [YouTube](https://www.youtube.com/@milemarkerinc) [Apple](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) Episode 65 · Oct 22, 2024 · 40 min # Building Relationships: The Role of COI Networks in Organic Growth with Seth Merrill [**Seth Merrill***Partner, The Norden Group*](https://www.milemarker.co/podcast/guests/seth-merrill) [Apple Podcasts ↗](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify ↗](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) ## About this episode In this episode, Kyle Van Pelt talks with Seth Merrill, Partner at The Norden Group. They discuss the challenges and strategies involved in scaling a financial advisory firm, the importance of building strong COI relationships, and the evolving landscape of the advisory industry. Seth shares his unique path into the industry, insights on building study groups with CPAs and attorneys, and the growth trajectory of The Norden Group, including onboarding 11 advisors and managing a team of 22 employees. They also explore the role of technology in managing growth, the balance between personal practice and firm management, and Seth's vision for the future of financial advisory. In this episode: - \[02:03\] - Seth's money moment - \[06:47\] - How Seth develops relationships with COIs - \[09:27\] - The Norden Group's organic growth strategies - \[14:32\] - The Norden Group's advisor acquisition - \[17:50\] - What sets The Norden Group apart from other firms - \[21:24\] - The Norden Group's recruitment and talent development practices - \[25:53\] - The challenges of balancing client service with firm management - \[28:29\] - The Norden Group's tech stack - \[31:17\] - Seth's take on the future of the industry - \[35:11\] - Seth's Milemarker Minute **Key Takeaways** - Building strong relationships with COIs is a strategic organic growth channel for financial advisors. - The Norden Group has focused on building deep relationships with COIs, like CPAs and legal teams, through study groups and collaborative efforts. - Creating study groups as a platform for knowledge sharing, relationship building, and generating referrals is an effective growth strategy. - Managing a growing firm is complex. It needs to balance client service with operational demands. **Quotes** \[13:30\] - "Our firm is really based on education, and we need to be better. We feel you can help us improve through the study group format." ~ [Seth Merrill](https://www.linkedin.com/in/smerrillthenordengroup) \[31:34\] - "At this point, one-man shops are going to be really difficult to continue to operate. So, it's going to become more paramount that you surround yourself with a team of competent people." ~ [Seth Merrill](https://www.linkedin.com/in/smerrillthenordengroup) \[34:23\] - "I truly feel we are in the relationship business, and that is our number one job. Most of the time, we are managing emotions and people. That's why we feel it's super important to treat the relationship and bring the party to the initial consultation." ~ Seth Merrill **Links** - [Seth Merrill on LinkedIn](https://www.linkedin.com/in/smerrillthenordengroup) - [The Norden Group](https://www.thenordengroup.com/) - [Garen Winn](https://www.linkedin.com/in/garen-winn-826727176/) - [TownSquare Capital](https://www.townsquarecapital.com/) - [Kurt Brown](https://www.linkedin.com/in/kurtbrown2/) - [Wealthbox](https://www.wealthbox.com/) - [eMoney Advisor](https://emoneyadvisor.com/) - [Holistiplan](https://www.holistiplan.com/) - [Nitrogen](https://nitrogenwealth.com/) - [Unreasonable Hospitality](https://www.amazon.com/Unreasonable-Hospitality-Remarkable-Giving-People/dp/0593418573) - [Atomic Habits](https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299) **Connect with our hosts** - [Milemarker.co](https://www.milemarker.co/) - [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) - [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) **Subscribe and stay in touch** - [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) - [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) - [YouTube](https://www.youtube.com/@milemarkerinc) ## **Produce game-changing content with Turncast** Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at [Turncast.com](https://www.turncast.com/). ## The write-up [Listen to this week’s episode.](https://open.spotify.com/episode/1htwIBVcapRmlYv1R6lGs6?si=e439fbfce2c94fb9) ## Episode 065 On this week’s episode of The Connected Advisor, I talk with [Seth Merrill](https://www.linkedin.com/in/smerrillthenordengroup), Partner at [The Norden Group](https://www.thenordengroup.com/). We discuss the challenges and strategies involved in scaling a financial advisory firm, the importance of building strong COI relationships, and the evolving landscape of the advisory industry. Seth shares his unique path into the industry, insights on building study groups with CPAs and attorneys, and the growth trajectory of [The Norden Group](https://www.thenordengroup.com/), including onboarding 11 advisors and managing a team of 22 employees. We also explore the role of technology in managing growth, the balance between personal practice and firm management, and Seth’s vision for the future of financial advisory. #### **Key Takeaways** Building strong relationships with COIs is a strategic organic growth channel for financial advisors. The Norden Group has focused on building deep relationships with COIs, like CPAs and legal teams, through study groups and collaborative efforts. Creating study groups as a platform for knowledge sharing, relationship building, and generating referrals is an effective growth strategy. Managing a growing firm is complex. It needs to balance client service with operational demands. #### **Quotes** \[13:30\] - “Our firm is really based on education, and we need to be better. We feel you can help us improve through the study group format.” ~ [Seth Merrill](https://www.linkedin.com/in/smerrillthenordengroup) \[31:34\] - “At this point, one-man shops are going to be really difficult to continue to operate. So, it’s going to become more paramount that you surround yourself with a team of competent people.” ~ [Seth Merrill](https://www.linkedin.com/in/smerrillthenordengroup) \[34:23\] - “I truly feel we are in the relationship business, and that is our number one job. Most of the time, we are managing emotions and people. That’s why we feel it’s super important to treat the relationship and bring the party to the initial consultation.” ~ [Seth Merrill](https://www.linkedin.com/in/smerrillthenordengroup) #### **Links** [Seth Merrill on LinkedIn](https://www.linkedin.com/in/smerrillthenordengroup) [The Norden Group](https://www.thenordengroup.com/) [Garen Winn](https://www.linkedin.com/in/garen-winn-826727176/) [TownSquare Capital](https://www.townsquarecapital.com/) [Kurt Brown](https://www.linkedin.com/in/kurtbrown2/) [Wealthbox](https://www.wealthbox.com/) [eMoney Advisor](https://emoneyadvisor.com/) [Holistiplan](https://www.holistiplan.com/) [Nitrogen](https://nitrogenwealth.com/) [Unreasonable Hospitality](https://www.amazon.com/Unreasonable-Hospitality-Remarkable-Giving-People/dp/0593418573) [Atomic Habits](https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299) #### **Connect with our hosts** [Milemarker.co](https://www.milemarker.co/) [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) #### **Subscribe and stay in touch** [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) [YouTube](https://youtu.be/5XZS9818t34) **While there, please don’t forget to Download, Like, and Subscribe.** If you’d like to schedule a time to talk with me about anything we cover on our podcast or [Milemarker](https://www.milemarker.co/), [click here for 15 minutes](https://meetings.hubspot.com/kyle-van-pelt). Kyle Van Pelt [**Seth Merrill***Partner, The Norden Group*](https://www.milemarker.co/podcast/guests/seth-merrill) Next Mile Conversations with the people building the next era of wealth management, hosted by Kyle Van Pelt. New episodes every Tuesday. 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